Economy
LSE Names 50 Kenyan Firms in ‘Companies to Inspire Africa’ Report
By Modupe Gbadeyanka
Fifty companies operating in Kenya are named today in London Stock Exchange’s inaugural ‘Companies to Inspire Africa’ report.
Collectively, Kenyan companies make up 14 percent of the total number of companies in the report, one of the highest concentrations of high growth companies in Africa.
About 28 percent of Kenyan companies operate in the renewable energy space, reflecting the country’s preeminent role in exploring alternative energy production on the continent.
Amongst those from the country are Cellulant – a mobile commerce company operating a payments ecosystem which connects financial sector customers, Mobile Network Operators and businesses to their consumers; D.light – a solar energy company delivering affordable solar home and power solutions for people without access to reliable energy; Eaton Towers – owns and manages a network of telecommunications towers in Africa; and Shop Soko – an ethical fashion brand and mobile technology-enabled supply chain platform.
The report identifies 343 companies from 42 African countries as the continent’s most exciting and dynamic small businesses; companies delivered impressive average compound annual growth rate (revenue) of 16 percent over a 3 year period 2013-2015; fast-growing companies appear in all regions of Africa. Highest concentration of companies from West Africa with 31 percent of companies, closely followed by East Africa with 26 percent and Southern Africa with 22 percent; and South Africa, Kenya and Nigeria are the countries with the most companies in the publication, each represented by over 50 companies.
Also, the report identified fast-growing companies present across a wide range of sectors, saying there is strong representation from innovative industries, with 22 companies in renewable energy and 40 in technology & telecoms.
The report highlighted industry, which covers areas such as oil and gas, construction, manufacturing and chemicals, is the biggest sector, with 23 per cent of companies in the report, followed by Financial Services which includes mobile banking, micro-credit, disruptive technology and Fintech, with 16 per cent, indicating that the continent has great promise for both traditional and more recent economic success stories.
Report highlights the important role of female entrepreneurship; 12 percent of the companies in the report are led by female CEOs, three times the average for companies across Africa
Today, company CEOs featured in the report were welcomed to London Stock Exchange Group by the Priti Patel MP and Xavier Rolet, CEO, London Stock Exchange Group at a special launch event to celebrate African companies’ success, ambition and uniquely African entrepreneurial spirit.
They were also joined by a broad range of Africa-focused investors, as well as senior representatives of African Development Bank Group, CDC Group and PwC, all partners on the report.
International Development Secretary, Priti Patel said: “London Stock Exchange’s first-ever ‘Companies to Inspire Africa’ report is proof of the dynamism and vision of the City of London in supporting Africa’s growing economies.
“Now is the time for UK businesses to seize the opportunities offered by Africa, and the UK Government is supporting the City of London to become the global financial centre for the developing world.
“This will help Africa industrialise faster, trade more and create millions of jobs, driving the continent forward to a future of prosperity, and helping some of the world’s poorest countries stand on their own two feet.”
Xavier Rolet, Chief Executive, London Stock Exchange Group said: “We are delighted to release the first edition of London Stock Exchange Group’s ‘Companies to Inspire Africa’ report, which follows the success of our research focused on the UK and European SMEs. For the first time ever, we have identified hundreds of Africa’s most inspirational and dynamic private companies. The report demonstrates the huge role that small and medium sized enterprises are playing as the driving force behind African economies: developing skills, creating high quality jobs and delivering growth.
London Stock Exchange has made it our mission for over 300 years to support access to growth capital for small and large companies in all parts of the world. We are proud to play our part in this great economic journey by shining a light on Africa’s success stories. We are also continuing to work in partnership with African stock exchanges to help develop robust, efficient and transparent capital markets to raise finance for companies like the ones listed in this report and thousands of others to realise their potential.”
LSEG’s “Companies to Inspire Africa” report included contributions from government, including from the UK Secretary of State for International Development, Priti Patel MP; Vice-President of the European Commission, Jyrki Katainen; the Maltese Minister of Finance, Prof Edward Scicluna; and Lord Boateng, former UK High Commissioner to South Africa.
The report was produced in partnership with African Development Bank Group, CDC Group and PwC who contributed their expertise to the report, and is sponsored by Citi, Diamond Bank and FTI Consulting.
By Adedapo Adesanya
Nigerian energy company, Oando Plc, has won the bid for the operatorship of oil block KON 13 in Angola.
The company, which recently acquired Eni of Italy’s oil assets in Nigeria, disclosed on Wednesday that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator.
Oando disclosed that the asset, in which it owns 45 per cent participating interest, has an estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER).
“Oando Plc (the company), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a competitive bidding process organised by the Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG).
“Block KON 13 is strategically located in the prolific Kwanza Onshore Basin which represents significant exploration potential in both pre-salt and post-salt plays, with estimated prospective resources of 770 to 1,100 million barrels of oil.
“The block has two exploration wells previously drilled to a target depth of 3,000m, with oil and gas observed across various depths. With a 45 per cent participating interest, OER will lead the development of the block as an operator, alongside Effimax (30 per cent) and Sonangol (15 per cent) as co-venturers,” it stated.
Commenting on the award, the chief executive of Oando Plc, Mr Wale Tinubu, expressed confidence in the capacity of the company, in collaboration with its co-venturers, to unlock the full potential of the asset for the country.
“We look forward to collaborating with our co-venturers and other key stakeholders to harness this opportunity and unlock its full potential for Angola and Africa as a whole,” Mr Tinubu said.
This milestone, the company said, marks its strategic entry into the Angolan oil and gas market and represents a significant step in its long-term vision to grow its upstream operations across Africa.
According to Oando Plc, it also solidifies the company’s position as a prominent player in the continent’s energy landscape, evolving from a local indigenous operator to a regional powerhouse.
Following the company’s recent successful acquisition of NAOC Ltd in Nigeria, the addition of Block KON 13, the energy firm stressed, further bolsters the company’s upstream portfolio and reflects its commitment to driving regional growth and energy security.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.74 per cent on Wednesday, January 22 as a result of buying pressure on the market.
Yesterday, the NASD Unlisted Security Index (NSI) garnered 22.86 points to wrap the session at 3,123.19 points compared with 3,100.33 points recorded in the previous session, as the value of the unlisted securities market went up at midweek by N5 billion to close at N1.076 trillion, in contrast to the preceding day’s N1.071 trillion.
The alternative bourse ended with three price gainers and two price losers at the Wednesday session.
Mixta Real Estate Plc improved its value by 25 Kobo to end at N2.83 per unit compared with the previous day’s N2.58 per unit, Okitipupa Plc jumped by N3.56 to close at N43.55 per share versus N39.99 per share, and First Trust Mortgage Bank Plc added 2 Kobo to settle at 39 Kobo per unit compared with Tuesday’s trading price of 37 Kobo per unit.
On the flip side, UBN Property Plc lost 16 Kobo to end at N1.86 per share, in contrast to the preceding session’s N2.00 per share, and Mass Telecomm Innovation Plc went down by 1 Kobo to 41 Kobo per unit from 40 Kobo per unit.
During the session, there was a 216.2 per cent rise in the volume of securities traded to 581,160 units from 183,780 units, the value of securities traded by investors decreased by 48.9 per cent to N2.3 million from N4.5 million, while the number of deals increased by 84.6 per cent to 24 deals from 13 deals.
When the bourse closed for the day, Industrial and General Insurance (IGI) Plc was the stock with the highest trading volume (year-to-date) with 25.3 million units valued at N5.9 million, followed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units worth N162.9 million.
By value, FrieslandCampina Wamco Nigeria Plc topped the activity chart after selling 4.1 million units worth N162.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and 11 Plc with 55,358 valued at N14.5 million.
By Adedapo Adesanya
The Nigerian Naira recorded improvements in the official and black markets on Wednesday as the Central Bank of Nigeria (CBN) announced its intention to launch an FX code designed to boost the integrity of the market.
The apex bank explained the code will serve as a guideline for the ethical conduct of FX dealers in the Nigerian forex landscape.
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of Authorised Dealers in the Nigerian Foreign Exchange Market.
“The bank will formally launch the code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” a statement from the regulator read.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market window, the local currency gained 0..01 per cent or 20 Kobo against the US Dollar to close at N1,552.58/$1 compared with the preceding day’s N1,552.78/$1.
However, the domestic currency depreciated against the British Pound Sterling in the official market yesterday by N8.55 to wrap the session at N1,915.53/£1 compared with Tuesday’s N1,906.98/£1 and against the Euro, the Naira lost N4.24 to sell for N1,617.72/€1 versus N1,613.48/€1.
At the parallel market, the Nigerian currency improved its value against the greenback yesterday by N10 to quote at N1,660/$1, in contrast to the preceding session’s N1,670/$1.
In the cryptocurrency market, it was bearish after it was clarified that an earlier leak on the website of the Chicago Mercantile Exchange (CME), showing regulated XRP (XRP) and Solana (SOL) futures could start trading on February 10 pending regulatory approval, was an error.
This, coupled with profit-taking from the Mr Donald Trump rally, saw Dogecoin (DOGE) fall by 3.9 per cent to $0.3537, as Ethereum (ETH) depreciated by 3.1 per cent to quote at $3,213.39, and Bitcoin (BTC) depleted by 3.0 per cent to trade at $102,654.79.
Further, Cardano slumped by 2.9 per cent to $0.9708, Litecoin (LTC) weakened by 2.7 per cent to $113.62, Solana (SOL) recorded a 2.5 per cent depreciation to sell at $249.58, Binance Coin (BNB) shed 1.9 per cent to close at $686.40, and Ripple (XRP) dropped 1.2 per cent to end at $3.14, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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